Allianz X, the digital investment arm of Allianz Group, has acquired 100% stake in simplesurance, an embedded insurance insurtech.
The acquisition further strengthens the ties between the two companies as Allianz X had been a strategic investor in simplesurance since 2016.
Simplesurance develops cross-selling solutions for e-commerce that integrate into the checkout process and of online shops. The platform is said to facilitate purchase of insurance at the point-of-sale in 30 countries.
Allianz X CIO Carsten Middendorf said: “Embedded insurance is a core element when it comes to offering customers not just policies, but comfort and convenience too.
“With simplesurance, we bet on one of the pioneers of this market at an early stage and, together with its strong management team, built a technology leader in this segment.
The companies strengthened their partnership year by year which paved way for integration technology. It not just coved the digital sales, but the offline distribution channels too.
Elaborating on it, Simplesurance CEO and co-founder Robin von Hein said: “With our innovative technology, we have been able to win over numerous large partners and their end customers in recent years and have grown strongly.
“Now it is time for the next developmental step. With the full backing of a global market leader in the insurance industry, we can play to the strengths of our technology even better and drive global expansion more effectively.”
Several firms including N26, Heycar, and OnePlus have streamlined their services using simplesurance.
Allianz Partners CEO Tomas Kunzmann said: “With a closer collaboration, we will leverage simplesurance’s digital capabilities even more effectively and achieve a really competitive speed to market.”